Poloniex requires verification of legacy accounts

The exchange advises to verify legacy account to avoid any potential interruptions in ability to trade on the platform
28 December 2017   2361

Yesterday the Poloniex cryptocurrency exchange announced that the exchange will soon require legacy accounts to become verified through the latest version of its verification portal.

The exact date for this deadline will be announced in Q1 2018, but the exchange advises to verify legacy account now to avoid any potential interruptions in ability to trade on the platform.

On the date of the deadline, legacy accounts will be placed in a state where:

  • Trading and lending will be disabled;
  • Open orders will be closed;
  • Loans will have auto-renew switched off;
  • Margin positions will be given an 8 week wind-down period where they can only be diminished or closed. After the 8 week wind-down period, they will be closed;
  • Deposit addresses will be revoked. Any deposits sent to a revoked address will not be recoverable until the account is fully verified;
  • Withdrawals will remain enabled at the daily withdrawal limits prior to the deadline.

It is stated that right after legacy accounts will be verified full functionality will be restored and daily withdrawal limit will be increased to $25K USD equivalent.

Argo to Report on Mining Profitability Increase in Q2

It was also reported that by the end of June, company owns about £ 3 million in crypto assets, which is 7.7% higher than expected
03 July 2019   239

The British mining company Argo Blockchain published a financial report for the second quarter of 2019, according to which its revenues increased significantly in the second quarter, exceeding its own expectations.

So, in comparison with the previous report, published in early June, the income from mining Argo Blockchain increased by 24%. The increase in profitability from mining at the same time turned out to be proportional to the increase in the Bitcoin price observed during the recent period.

The Company now expects to generate 161 BTC, or GBP1.38m of cryptoassets, in June based on a BTC price of $10,817.16 USD as of 30 June 2019. This is an increase of approximately 101% from the Company's May mining results and represents a mining margin of roughly 81%. The Company considers that this demonstrates that the Company is one of the most efficient miners in the market.
 

Argo Blockchain Team

Argo Blockchain also said that as of the end of June, the company owns about £ 3 million in cryptocurrency assets, which is 7.7% higher than expected.

Also Argo Blockchain intends to expand its activities. In particular, the company plans to deploy another 2500 miners in Quebec by the end of the third quarter, which is also expected to significantly increase revenues.

Our better-than-expected mining performance reflects both improving industry conditions as well as Argo's business strategy, which has enabled it to rapidly ramp up operations and thereby take full advantage of the upturn. As a result, we enter the third quarter with a strong momentum to deliver further growth and improving mining efficiency.
 

Mike Edwards

Executive chairman, Argo

It should be noted Argo Blockchain was the first cryptocurrency company, the placement of shares of which was approved by the London Stock Exchange last June.